Well-known reporter Colin Wu reported on a new high-profile event related to fraud and cryptocurrencies. The expert noted that “referring to a money laundering case involving more than $2.2 billion, the China Foreign Exchange Administration warned that the purchase of digital assets and their subsequent exchange for foreign means of payment constitutes the illegal acquisition and sale of foreign currencies.”
In a recent case in China's Shandong province, an underground bank involving up to 15.8 billion yuan in virtual currencies was uncovered. Police discovered that the linked accounts were extremely active. Large sums of money were stored on them, and suspicious transactions and other anomalous transfers were also recorded. It is suspected that their actual controller was a man named Jin.

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